Thursday, April 8, 2010

Good habits: Bill Promptly

Speed of billing is one of the levers you can move to improve your cash flow. Take it seriously. It's the 7th of the month, if you haven't gotten last month's bills out yet- make it your priority. Keep track of your time on a daily basis, write quality billing descriptions the first time and use billing templates in order to get your bills out with the least amount of pain possible. 

If you're drawing down a retainer, you should still get a statement out promptly. This keeps your clients up to date and ensures that any replenishment requests don't come as a surprise.

Until you've billed for your work, you can't hope to collect it. Put a regular system in place and stick to it. If billing is something you hate to do- step up your marketing and create a budget for outsourcing the task! One way or another, get your bills out consistently.

Billing is a big ole frog for many of us. Well- it's National Frog Month, use this prompt to get rid of any frogs on your plate now and to keep them OFF the menu next month!

Note: for more about frogs, see Brian Tracy's classic book, Eat That Frog!